James M. Dahle, MD, FACEP is a practicing emergency physician and veteran who developed a passion for personal finance and investing early in his career after being ripped off by financial professionals of all kinds.
After a lengthy process of self-education, he found that no one was teaching this material to doctors and similar high-income professionals, and that many of them made the same mistakes as himself. From this passion grew the blog The White Coat Investor, which was founded in May 2011 and is now the most widely read, doctor-specific website for personal finance and investments worldwide.
He is the best-selling author of The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing and The White Coat Investor’s Financial Boot Camp: A 12-Step High-Yield Guide to Bring Your Finances Up to Speed.
He also has a new company that will help you manage your student loan burden directly. Find out more here and make an appointment for a consultation.
Now let’s look at what we discussed in this episode:
- The Student Loan Problem and How Doctors Deal With It
- Common mistakes doctors make when dealing with student loans
- Forbearance is a bad idea
- When is the right time to get advice on student loans
Here’s a breakdown of how this episode played out …
The doctors are pretty good at their debt-to-income ratio, but it’s definitely going to get worse. If you look at graduate data, the average MD student owes about $ 205,000 to graduate school. The average DO student is more like $ 250- $ 260k.
Whenever you have questions is a good time, but honestly I’d say the biggest bang for your buck is probably at the beginning of the residence. Then you make a lot of these decisions and then they are the most complicated.
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